India Identified as a Billion-Dollar Sports, Entertainment NFT Market in Deloitte Research

The Deloitte report highlights how big India's fascination is for cinema and sports and why it thinks there's tremendous potential.

By Shomik Sen Bhattacharjee | Updated: 2 March 2022 18:54 IST

India Identified as a Billion-Dollar Sports, Entertainment NFT Market in Deloitte Research

Photo Credit: Unsplash/ Bjorn Pierre

Deloitte believes India's regulatory policies will be critical to the growth on NFTs in the country

Highlights

Deloitte claims that India's regulatory policies will play critical
India's enthusiasm for cinema, sports can be easily tapped for NFTs
Amitabh Bachchan’s NFTs fetched nearly $1 million back in November

2021 turned out to be a breakout year for non-fungible tokens (NFTs) and while sports has been viewed as one of the key areas where we can expect to see a rise in NFT popularity this year, Deloitte predicts that NFTs for sports media in India alone, will generate more than $2 billion (roughly Rs. 15,085 crore) in transactions in 2022 — which is about double the figure for 2021. Deloitte's Expertise, Media, and Telecommunications (TMT) Predictions 2022 forecasts that given the craze for cricket, cinema in the country, it won't be long before an NFT marketplace shoots beyond the $1 billion (roughly Rs. 7,545 crore) valuation mark.

"In 2022, the most common and lucrative application of NFTs in the sports industry will likely be the sale of limited-edition video clips of sporting moments or player cards," claims Deloitte in its report. The report goes on to highlight that in 2022, platforms and rights creators are likely to

continue testing different ownership models to determine the best balance of consumer demand and maintaining intellectual property rights (IPR) that respect existing third-party rights over a particular digital asset.

Ukraine Has Raked in $35 Million in Crypto Donations So Far: Elliptic

Sreeram Ananthasayanam, Partner, Deloitte India, throws light on #India catching up with the global #NFT revolution and how this will disrupt the #sports and #entertainment industries.

Download our 2022 India edition of the #TMTPredictions: https://t.co/vIRKcdiU5Q pic.twitter.com/GexRQfnqcJ
— Deloitte India (@DeloitteIndia) February 25, 2022

"So far, the offer of limited IPR within sports NFTs has not dampened appetite, suggesting that demand may well be driven by the ability to demonstrate status," the report states.

Recent significant developments in the Indian NFT market such as major film and cricket personalities taking the first steps to benefit from the opportunities presented by digital collections have also been mentioned in the TMT report.

NFT-Dedicated Marketplace Launched by Rakuten in Japan

Bollywood star Amitabh Bachchan's NFTs fetched nearly $1 million (roughly Rs. 7.5 crore) at the country's first such auction and is cited as an example of how the space is becoming increasingly more exciting in India.

"With more than 500 million cricket fans in India, and Bollywood and regional cinemas swaying over the Indian populace, an NFT marketplace for just cinema and sports in India has the potential to cross $1

billion (roughly Rs. 7,545 crore) in value in the near future (subject to conducive regulatory policies)," states Deloitte.

However, Deloitte's 150-page document noted that supportive regulatory policies are needed to fully exploit the potential of the global NFT market. “Given the global trends and the pending policy/regulatory framework of the Indian government in this area, sooner or later an NFT-based market for movies and sports will become a reality in India,” Deloitte forecasts.

Do Samsung's Galaxy S22 and Tab S8 series have any Android competition? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

Affiliate links may be automatically generated - see our ethics statement for details.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.